Mining: S Africa's gold crown slips.A steady increase in China's gold production means it will overtake o·ver·take tr.v. o·ver·took , o·ver·tak·en , o·ver·tak·ing, o·ver·takes 1. a. To catch up with; draw even or level with. b. To pass after catching up with. 2. annual output in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. and Australia and by 2009 could rank as the world's number one gold miner. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. US-based CPM Group CPM is a UK-based field marketing company established in 1936. It employs over 3000 people across the UK and Ireland and specialises in providing people as the face and voice of its clients' brands. CPM is owned by the world’s largest marketing communications group Omnicom. MD Jeffery Christian, South Africa's gold output collapsed to 296.3 tons or 9.5m oz in 2005, its lowest since 1923 at 284.6 tons. Ten years ago, China produced 3m oz of gold a year against today's 7m oz. Australia, currently producing an annual 8m oz could also surpass South African gold output within the next year. South Africa still has significant reserves but they are deeper and less concentrated and require high mining costs. "In a longer term perspective, it is possible that some of these reserves and resources could come into production," says Christian. |
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